Concentrix completes spinoff

Concentrix Corporation is the latest spinoff from Synnex. It has a strong history of growth and holds great potentials in its business area.

Before its separation from its parent company as an individual company, Concentrix was a leading global provider of customer experience solutions and technologies – and still is to date. The company is now a publicly-traded company listed on the NASDAQ stock market under the ticker “CNXC”.

The customer experience service company is well-positioned to deliver more innovative CX solutions to its esteemed clients. Concentrix supports over 95 Global Fortune 500 companies, and more than 90 high-growth clients across 275+ global locations. It has approximately $4.7 billion in annual revenue.

“As a leading global provider of CX solutions and technology, we are truly excited to celebrate our listing day and start this next exciting chapter,” Chris Caldwell, President and CEO of Concentrix. “Operating as an independent company will allow us to accelerate innovations and make additional investments that drive higher value for our clients, their customers, and our shareholders.”

Stockholders who held SYNNEX common stock at the close of business on November 17, 2020 -the Record Data- received one Concentrix common share for every SYNNEX common stock held, according to the terms of separation on December 1, 2020. No fractional shares of Concentrix were distributed.

The company listed on the NASDAQ on November 16, 2020, and traded on a when-issued basis on the exchange, which allowed investors to trade the right to receive Concentrix shares in the distribution. November 30, 2020, was the last day of the when-issued trading of Concentrix common shares. Regular-way trading of Concentrix common stock began on December 1, 2020.

The Concentrix division of SYNNES was created in 2013 and saw a series of acquisitions between 2013 and 2019, including IBM’s CRM BPO business and the Convergys deal in 2018. These acquisitions have seen growth in revenue over the years from $160MM in 2012 to more than $4.7B in 2019 (62% CAGR). Also, operating margins have increased to 11.5% from 6.9% within the same period. In 2019, the company posted cash flow of $339M.

About Concentrix

Concentrix Corporation (NASDAQ: CNXC), is a technology-enabled global customer service company specialized in improving business performance for some of the world’s biggest brands.

“We create better business outcomes and help differentiate our clients through technology, design, data, process, and people. Concentrix provides services to clients in our key industry verticals: technology & consumer electronics; retail, travel & eCommerce; banking, financial services & insurance’ healthcare; communications & media; automotive; and energy & public sector.”